As if on cue, the market sold off the day after the election. Conveniently, most people glommed onto the notion that it was a reaction to the election. Maybe just a little bit, but a majority of the sell off was thanks to Europe. As I mentioned the last couple days, Europe has been way too quiet in the run up to the election. There was even speculation that an "agreement" existed between governments to keep European news off the table until after the election. Well, only a few hours after the election results relatively horrific news was released that the European recession was starting to negatively impact Germany. As a reminder, Germany is the only thing holding the Euro together right now, and if it ceases to be able to prop up the rest of the fragile union, things could very quickly spiral out of control.

I submit my second piece of evidence that the markets didn't really care as much about the election. At about 5am CST the futures were relatively flat with a slight positive bias. "Strange," I thought. Then, around 615 news of Mario Draghi's press conference hit the wire. That was the moment that the futures started their downhill slide.

Some technicians and elliot wavers I follow seem to think we may be near the bottom of this little downtrend. I'm not convinced. The RumWave is not at a buying point.